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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
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Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.
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December’s increase was an acceleration from 19.2% in November and October, with the CPI all-items index up 3.4% vs a 3.1% YoY rise for November.
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The ratings agency assigned a group financial strength rating of A, with a stable outlook, to three new member companies of Builders Insurance.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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A “return to minimal valuation increases can be expected soon”, the broker wrote in its 2024 P&C market outlook report.
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HDI Global Specialty has acquired the equity interest of Griffin Highline (GH) in the financial lines MGA Falcon Risk to become the majority owner of the US underwriter.
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Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.
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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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The US market’s messaging around E&S growth means the sector will likely face ever-greater scrutiny in 2024.
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“The spring bounce was much more pronounced than expected in 2023, and prices slid just as rapidly after that bounce, finishing more calmly in December as expected,” said Cox Automotive’s Jeremy Robb.
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John Schwirtz will report to Matt Waters, head of Axa XL's US mid-market business, and build out a mid-market underwriting team.